By Cris Larano

MANILA--Philippine conglomerate Ayala Corp. (AC.PH) said Tuesday it is selling investments in three companies that build small hydroelectric projects around the country.

Ayala said wholly-owned AC Energy Holdings Inc. is selling its 70% stake in power firms QuadRiver Energy Corp., Philnew Hydro Power Corp. and PhilnewRiver Corporation to partner Sta. Clara Group.

Sta. Clara has a 30% interest in each of the three companies.

Ayala didn't provide financial details on the transaction and didn't say why it was sellingits stakes.

Just before Christmas, however, a consortium that included AC Energy won a bid for the geothermal assets of Chevron Corp. in the Philippines and Indonesia.

Write to Cris Larano at cris.larano@wsj.com

(END) Dow Jones Newswires

January 02, 2017 21:39 ET (02:39 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.